油料周报 油料产业周报 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留追究相关责任的权力 ...

油料周报 油料产业周报 2026/2/6 咨询业务资格：沪证监许可【2012】1515号 研报作者：许亮 Z0002220 审核：唐韵 Z0002422 【免责声明 】 本报告基于本公司认为可靠的、已公开的信息编制，但本公司对该等信息的准确性及完整性不作任何保证。本报告所载的意见、结论及预测仅反映报告发布时的观点、结论和 建议。在不同时期，本公司可能会发出与本报告所载意见、评估及预测不一致的研究报告。本公司不保证本报告所含信息保持在最新状态。本公司对本报告所含信息可在不发出通知的情形 下做出修改， 交易者（您）应当自行关注相应的更新或修改。本公司力求报告内容客观、公正，但本报告所载的观点、结论和建议仅供参考，交易者（您）并不能依靠本报告以取代行使 独立判断。对交易者（您）依据或者使用本报告所造成的一切后果，本公司及作者均不承担任何法律责任。本报告版权仅为本公司所有。未经本公司书面许可，任何机构或个人不得以翻 版、复制、发表、引用或再次分发他人等任何形式侵犯本公司版权。如征得本公司同意进行引用、刊发的，需在允许的范围内使用，并注明出处为"东亚期货"，且不得对本报告进行任何有 悖原意的引用、删节和修改。本公司保留 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For soybean meal, the global soybean supply is abundant, and domestic oil mills' operating rates are rising. Although the soybean inventory remains high year - on - year, the soybean meal inventory is decreasing month - on - month. There is a short - term shock adjustment due to the game between the expectation of abundant supply and inventory reduction and demand support. In the long - term, the supply - demand pattern may remain relatively loose after the South American soybeans are on the market [2]. - For rapeseed meal, due to the global rapeseed harvest and the expectation of improved China - Canada relations, the supply will be abundant after March. With weak demand recovery, the price is under pressure of shock and decline [3]. - For soybean oil, the weekly output of imported soybean crushing remains high, inventory is continuously decreasing, and the Spring Festival stocking supports the spot. Overseas bio - diesel topics support the domestic market [38]. - For palm oil, the inventory in Malaysia in December reached a five - year peak, and the domestic port inventory is high. While domestic demand is improving, there is a policy game regarding bio - diesel demand [38]. - For rapeseed oil, the domestic rapeseed crushing volume has decreased significantly year - on - year, but the import of Australian rapeseed will ease the raw material shortage. The long - term supply is expected to be abundant [38]. Summary According to Relevant Catalogs Soybean Meal Supply - The global soybean supply is abundant, domestic oil mills' operating rates are rising, and the soybean inventory remains high year - on - year. However, due to extended port clearance and reduced arrivals before the Spring Festival, oil mills will face a shortage of raw materials before the Spring Festival [2]. Demand - The high pig inventory supports the rigid demand for soybean meal, and the pre - holiday stocking by feed enterprises drives the increase in提货 volume [2]. Market Situation - There is a short - term shock adjustment due to the game between the expectation of abundant supply and inventory reduction and demand support. In the long - term, it is necessary to pay attention to the growth of South American soybeans and the rhythm of domestic soybean arrivals [2]. Rapeseed Meal Supply - Coastal oil mills' rapeseed crushing has stopped, and the inventory is exhausted. The import profit of European rapeseed oil is in a larger inversion, and the Canadian rapeseed procurement policy has not been verified. The market is worried about the future supply pressure of Canadian rapeseed [7]. Demand - Affected by the off - season of aquaculture, feed enterprises' procurement is sluggish, forming a pattern of "tight spot and weak demand" [7]. Market Situation - Due to the global rapeseed harvest and the expectation of improved China - Canada relations, the supply will be abundant after March. With weak demand recovery, the price is under pressure of shock and decline [3]. Fats and Oils Soybean Oil - Supply: The weekly output of imported soybean crushing remains high, inventory is continuously decreasing, and the Spring Festival stocking supports the spot [38]. - Demand: Catering consumption is gradually recovering, and the procurement of small - packaged oil is increasing, but the terminal stocking intensity is lower than expected, and the spot remains strong [38]. - External Linkage: Overseas bio - diesel topics have led to the strengthening of overseas soybean oil, which supports the domestic market [38]. Palm Oil - Supply: Malaysia's December inventory reached a five - year peak, and the domestic port inventory is high, with large supply pressure [38]. - Demand: The recovery of domestic catering consumption drives edible demand, and the bio - diesel blending policy supports industrial demand [38]. - Policy Game: Indonesia cancelled the B50 plan this year, which is unfavorable for bio - diesel demand. However, the United States may increase the demand for bio - diesel, leading to an expected improvement in global soybean oil demand [38]. Rapeseed Oil - Supply: The domestic rapeseed crushing volume has decreased significantly year - on - year, and the rapeseed oil output has decreased greatly. But the import of Australian rapeseed will ease the raw material shortage, and the long - term supply is expected to be abundant [38]. - Demand: Pre - holiday stocking supports short - term demand, but high prices suppress procurement enthusiasm, the basis declines, and the spot weakens [38]. - Policy Impact: The expectation of improved China - Canada trade relations is rising. Attention should be paid to overseas bio - diesel policies, which are uncertain [38].

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report The report analyzes the fundamentals of the oilseed industry, including supply and demand factors for soybeans, rapeseed, and related products. It also examines the market conditions of various oils such as soybean oil, palm oil, and rapeseed oil, considering factors like production, consumption, inventory, and policy impacts [6][38][40]. 3. Summary by Relevant Catalogs Soybean Meal and Rapeseed Meal - Domestic procurement of US soybeans is slow, with low January arrivals due to slow customs clearance. The December USDA report met market expectations, and the market is focused on South American soybean planting and weather. There are concerns about potential supply pressure from South American soybean production in March - May next year. State reserve soybean auctions, although with low trading volumes, have put short - term supply pressure. Weak demand due to farming losses and seasonal factors, along with low prices leading to crushing losses for oil mills, which have price - support expectations [6]. - Import reduction has led to near - zero domestic rapeseed inventory, and imports of rapeseed meal and rapeseed oil are restricted by import tariffs. Uncertainty from Sino - Canadian negotiations has raised concerns about supply shortages, but increased arrivals from Australia are expected to keep December and January rapeseed imports at historical average levels. With the seasonal decline in aquaculture demand, prices have rebounded, and there are concerns about supply contraction due to potential import shortages [6]. Oils Soybean Oil - Raw material pressure persists. Oil mills have reduced crushing volumes due to weakening profit margins, slightly easing domestic supply. The demand side faces a traditional peak season with support from New Year and Spring Festival demand. Overseas biodiesel policies are changeable, and attention should be paid to US and Indonesian policies [38][39]. Palm Oil - Malaysia's December supply - demand data exceeded expectations, with higher - than - expected inventory accumulation. China's November imports reached a high, and domestic inventory remains at a high level. Overseas biodiesel policies are changeable. Supply countries may face seasonal production cuts around the Spring Festival, leading to expectations of inventory reduction in January - February [40]. Rapeseed Oil - High tariffs on imported rapeseed persist, and the volume of Canadian rapeseed imports is uncertain. The lack of results from Sino - Canadian negotiations has led to continued concerns about import shortages. Reduced imports have led to continuous inventory reduction of rapeseed oil in China. Rapeseed oil has shown relatively stronger performance compared to other oils due to lower inventory levels [41].